Romania: "Gipsycoin" cryptocurrency launched by Romani community leader

News server Balkan Insight covered a story last week making the rounds in the media in Romania about that country’s self-proclaimed “King of the Roma” launching a cryptocurrency, “gipsycoin”. The cryptocurrency claims to facilitate financial transactions between Romani people worldwide. 

Daniel Cioabă, an evangelical pastor and head of the Romanian section of the International Romani Union (IRU), launched the cryptocurrency at the beginning of August. He told the ProTV television station in Romania that he has invested EUR 50 000 into the project and that roughly 1 600 people had bought in at the opening price of 0.00001 USD per gipsycoin. 

Although the cryptocurrency is oriented toward Romani users first and foremost, anybody can buy it. The official website for gipsycoin says 2 % of the transaction fees will be donated to charity projects in impoverished Romani societies, especially for children’s education.

“Gipsycoin serves several functions:  a currency within the community, financing for educational projects, long-term financial investment, and the financing of charity and remittances,” the website states. Cioabă, who lives in the city of Sibiu in Transylvania, is the son of the late Florin Cioabă, a pastor in the Pentecostal Church from an influential Romani family who declared himself the “International King of the Roma” in 1997.

After the death of his father in 2013, Daniel Cioabă declared himself “King of the Roma in Romania”. His brother Dorin declared himself “International King of the Roma”.